There’s been no place to hide for US equity beta strategies this year, but the distribution of pain varies widely from a risk-factor perspective, based on a set of representative exchange-traded funds. The factor funds with the softest haircuts year to date: large-cap growth, momentum and low-volatility. By contrast, the various flavors of small cap , along with mid-cap value, have suffered the most.
Continue reading →

UK’s Boris Johnson in intensive care with coronavirus: CNBC
Pelosi: next economic stimulus bill will be $1 trillion: Bloomberg
Cautious optimism on clues that Europe’s coronavirus outbreak is easing: CNBC
No coronvirus deaths reported in China for first time: BBC
Japan approves near-$1 trillion stimulus bill to fight coronavirus: Reuters
Fed, Treasury working on new policy for small-business payroll loans: WSJ
2-year Treasury yield bounces off of seven-year low: